CEO Jordan Tabach-Bank explains why the elite of New York rely upon his high-end pawnshop
New York, NY — (SBWIRE) — 08/23/2013 — The newly opened New York Loan Company proves that even the most privileged can find themselves in a cash crunch. Expenses such as private school tuition, insurance premiums, and even probate taxes can leave affluent New Yorkers scrambling to raise quick cash. These sorts of liquidity issues are where a luxury collateral lender comes in handy.
Gone are the days of heading straight to the bank for a loan. Jordan Tabach-Bank, CEO and owner of New York Loan Company, explains, “In this economy banks simply are not lending, and when they do it is a long and arduous process. New York Loan’s loan officers will lend up to seven figures in a matter of minutes, without ever conducting so much as a credit check.”
New York Loan Company is the sister company of Beverly Loan Company, the “Pawnshop to the Stars”, which has made pawn loans to the rich and famous in Beverly Hills since 1938. Prior to opening New York Loan Company this year, Tabach-Bank had several clients who would fly across country to Beverly Hills to take advantage of his niche collateral lending business. Both businesses are best known for confidential collateral loans against diamonds, gold jewelry, luxury watches and contemporary art. “Some shops have expertise in construction equipment, musical instruments or electronics; our family business has always specialized in luxury.”
Rolex, Cartier, Van Cleef & Arpels, and Harry Winston are some of the iconic brands that borrowers bring in to secure a loan. “We cater to clients from all walks of life,” said Tabach-Bank, “but many of our loans are to small business owners and professionals who have lucrative investment opportunities, real estate closing costs, or margin calls, but find themselves short on cash. Luckily these clients are asset rich and might have a Patek Philippe that they can leverage for an immediate cash infusion.”
Beyond professional issues, New York Loan Company also provides loans for personal matters. Tabach-Bank said, “We recently made a loan against a Tiffany & Co 7 carat engagement ring and an original Warhol to fund not only a divorce attorney, but also first class tickets to Maui for the post-divorce vacation.”
Operating on the third floor of the International Gem Tower in New York City’s Diamond District, allows New York Loan Company to make the lending experience confidential, safe and secure. The towering new state of the art building is vastly different from the flashing neon signs and street hawkers that are typically associated with 47th Street.